Cap rates are a function of demand is market place and investors overall feelings of optimism.  

There's a critical piece of information missing: are they still in the unit? 

Thank you, Step 1 and 2 are often ignored or not respected as critical

When it’s the kind of money property costs, that’s especially critical.

So to begin, yes Airbnb Investing is a legitimate business regardless of what some of the critics will say.

It's a fully functional home .. just needs updates .. which I can't do at the immediate moment, but can in the near future ..

The kitchen is not functional as all appliances are not installed but are onsite in be basement.

Tenants are responsible to notify landlords if they are not functioning properly.

I've been quite critical of Property Management companies, stating they are a waste of cash. 

Depending on how many investors that can be a mess to deal with to get to a decision of selling, refinancing, injecting more capital into a property after ownership,  etc.You have to understand there are many people that should be on your team that do different functions.